Stocks gain…Schwab drops commissions for online trading…Construction spending posts weak gain
NEW YORK (AP) – Stocks are higher as investors continue shifting money into technology stocks. Apple and Microsoft led the tech sector higher. Chipmakers, including Intel and Nvidia, also made broad gains. Tech stocks have been on the rise since Monday when China reassured the market that trade negotiations with the U.S. will continue this month. Industrial stocks, which are also sensitive to trade news, also rose.
NEW YORK (AP) – Charles Schwab is dropping commissions for online trading of U.S. stocks and exchange-traded funds, the latest slash in an industry battle that’s drastically cut the cost of investing. The announcement sent shares of other brokerages plummeting. TD Ameritrade lost 21% in morning trading, on pace for its worst day in 13 years. E-Trade Financial lost 18%. Schwab fell 8%.
WASHINGTON (AP) – U.S. construction spending edged up a disappointing 0.1% in August as continued weakness in nonresidential construction offset the best gain in home building in nine months. The Commerce Department says the latest figure marked the fourth month of lackluster results, including declines in May and June and a flat reading in July. Home construction, which has been in the doldrums for much of this year, was up 0.9% in August.
GENEVA (AP) – Global trade is forecast to weaken this year to the slowest pace since the depths of the Great Recession due to the U.S.-China trade war. The World Trade Organization says it expects volumes of traded goods to rise 1.2% this year, far below the 2.6% estimate it issued in April and the weakest since 2009. Next year’s growth was estimated to drop to 2.7% from 3.0%, but the organization warned that still depends on solving trade disputes.
PARIS (AP) – The chief executive of Air France says the carrier will voluntarily offset all of its carbon dioxide emissions from domestic flights by next year. Anne Rigail told daily Le Parisien in an interview published today the French airline will invest “several million euros” in projects such as planting trees to soak up CO2 emitted by about 500 daily flights in France.